Bequests

A bequest is a gift included in a Will that takes effect at death. You may make a bequest to nonprofit organizations like the Fisher Center by either executing a new will or amending an already existing will. As with other forms of charitable gifts, you may specify how your bequest will be used by the Fisher Center. The entire amount of a bequest to the Fisher Center qualifies for an estate tax charitable deduction.

Bequests to the Fisher Center may be specific, residual or contingent. A “specific bequest” refers to the donation of a specified amount of money or property to the Fisher Center. A “residual bequest” refers to the donation of all or part of the remainder of your estate after all other beneficiaries under your Will, debts, and expenses have been paid. A “contingent bequest” refers to the donation of all or part of your estate to the Fisher Center only if one or more named beneficiaries predecease you.

Sample language for a “specific bequest”: “I give and bequeath the sum of $____ (or “____% of my estate”; or “the property described herein”) to the Fisher Center for Alzheimer’s Research Foundation, a 501(c)(3) not-for-profit corporation located in New York, NY.”

Sample language for a “residual bequest”: “I give, bequeath, and devise all [or “____% of] the rest, residue and remainder of my estate, both real and personal, wherever situated, which I may own or be entitled to at my death, to the Fisher Center for Alzheimer’s Research Foundation, a 501(c)(3) not-for-profit corporation located in New York, NY.”

Sample language for “contingent bequest”: “If any of the foregoing bequests shall lapse, then I give, bequeath and devise such lapsed bequests to the Fisher Center for Alzheimer’s Research Foundation, a 501(c)(3) not-for-profit corporation located in New York, NY.”

All of the foregoing sample provisions can also be incorporated into a “living trust” (also known as a revocable trust).

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